Fri, 03 Aug 2018 | ADMINISTRATION
Extreme Powered Platforms, a UK-based rental company, has entered administration with the speculation that a stagnant rental marketing is the reason for its downfall.
The company was placed in administration just as Extreme Hire Ltd, a new company, came into operation. Extreme Powered Platforms has now been acquired by the new business and will continue trading under the Extreme Hire name after a company-wide restructuring.
Both Extreme Powered Platforms and Extreme Hire Ltd are owned by Stuart Bond.
Located in a facility in Hailsham, East Sussex, the original company was founded in 2004 and began operations in 2005 with the introduction of new electric slab scissor lifts. Presently, it caters to a wide variety of aerial work platforms and offers self-propelled scissor lifts, booms, large spider lifts, push around lifts as well as truck mounts.
A second depot was opened in January 2014 in Shepperton, Surrey, and expanded its fleet of booms in 2015 by adding the Hinowa 26.14 Lightlift and the Hinowa Lightlift 17.75 Lithium to its list of West London services.
In 2016, the company added JLG telehandlers to its range of products on offer whilst also opening a third facility in Coventry.
Vertikal, an online news platform for information surrounding the crane and lift industry, stated: “While business volumes have been relatively strong, rental rates have continued to stagnate or ever slip in some cases, making the business very challenging and leaving no margin for error, this is especially true for companies that are heavily indebted with balloon type financing deals.”
Extreme Powered Platforms’ accounts reported £2.8 million worth of assets, and a net worth of £543,000.
Richard Brian Keley from BM Advisory LLP has been appointed as administrator for Extreme Powered Platforms.
Click here to view the Extreme Powered Platforms Ltd administration listing.
For more news stories about administrations click here. For all our administrations listings, click here.
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